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Autohome Inc. Announces Unaudited Second Quarter and Interim 2024 Financial Results

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BEIJING, July 31, 2024 /PRNewswire/ — Autohome Inc. (NYSE: ATHM; HKEX: 2518) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and six months ended June 30, 2024.

Second Quarter 2024 Highlights[1]

Net revenues in the second quarter of 2024 were RMB1,872.6 million (US$257.7 million), compared to RMB1,833.0 million in the corresponding period of 2023.Net income attributable to Autohome in the second quarter of 2024 was RMB524.8 million (US$72.2 million), compared to RMB504.7 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the second quarter of 2024 was RMB509.7 million (US$70.1 million), compared to RMB491.2 million in the corresponding period of 2023.Adjusted net income attributable to Autohome (Non-GAAP)[2] in the second quarter of 2024 was RMB572.4 million (US$78.8 million), compared to RMB569.5 million in the corresponding period of 2023.

Mr. Tao Wu, Chief Executive Officer of Autohome, stated, “We are pleased to deliver another solid quarter, highlighted by sustained growth in net revenues, a substantial increase in user traffic, and remarkable progress made in our innovative business initiatives. On content, our diverse and high-quality offerings, bolstered by our strong IP content matrix, has worked to consistently expand our user base and enhance user engagement. According to QuestMobile, our number of average mobile daily active users grew by 8.3% year-over-year, reaching 67.91 million in June, underscoring our leading position in the automotive media vertical. For our innovative businesses, we launched our Satellite Plan in May, a strategic initiative to establish satellite stores in lower-tier cities adjacent to flagship Autohome Space stores. This initiative will accelerate our network expansion, facilitating deeper penetration into broader geographical markets. Looking ahead, we remain committed to exploring new business areas and leveraging Ping An’s resources to enhance our long-term industry competitiveness.”

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “Our focus on innovative businesses has led to robust growth in our data products and new energy vehicle (“NEV”) business, with double-digit year-over-year increases in quarterly revenues. We have maintained a healthy balance sheet while driving the development of our businesses and fulfilling our commitment to provide stable shareholder returns. Moving forward, we will continue to focus on areas of emerging growth while maintaining stringent cost controls to ensure long-term shareholder value.”

Unaudited Second Quarter 2024 Financial Results

Net Revenues

Net revenues in the second quarter of 2024 were RMB1,872.6 million (US$257.7 million), compared to RMB1,833.0 million in the corresponding period of 2023.

Media services revenues were RMB432.9 million (US$59.6 million) in the second quarter of 2024, compared to RMB532.0 million in the corresponding period of 2023.Leads generation services revenues were RMB820.3 million (US$112.9 million) in the second quarter of 2024, compared to RMB759.6 million in the corresponding period of 2023.Online marketplace and others revenues were RMB619.4 million (US$85.2 million) in the second quarter of 2024, compared to RMB541.4 million in the corresponding period of 2023.

Cost of Revenues

Cost of revenues was RMB346.1 million (US$47.6 million) in the second quarter of 2024, compared to RMB330.2 million in the corresponding period of 2023. Share-based compensation expense included in cost of revenues in the second quarter of 2024 was RMB1.9 million (US$0.3 million), compared to RMB1.8 million in the corresponding period of 2023.

Operating Expenses

Operating expenses were RMB1,185.3 million (US$163.1 million) in the second quarter of 2024, compared to RMB1,228.1 million in the corresponding period of 2023.

Sales and marketing expenses were RMB752.5 million (US$103.6 million) in the second quarter of 2024, compared to RMB824.1 million in the corresponding period of 2023, due primarily to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in the second quarter of 2024 were RMB10.1 million (US$1.4 million), compared to RMB12.3 million in the corresponding period of 2023.General and administrative expenses were RMB117.6 million (US$16.2 million) in the second quarter of 2024, compared to RMB91.0 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the second quarter of 2024 were RMB10.4 million (US$1.4 million), compared to RMB8.9 million in the corresponding period of 2023.Product development expenses were RMB315.2 million (US$43.4 million) in the second quarter of 2024, compared to RMB313.0 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the second quarter of 2024 were RMB18.8 million (US$2.6 million), compared to RMB18.7 million in the corresponding period of 2023.

Operating Profit

Operating profit was RMB412.4 million (US$56.7 million) in the second quarter of 2024, compared to RMB341.5 million in the corresponding period of 2023. 

Income Tax Expense

Income tax expense was RMB102.2 million (US$14.1 million) in the second quarter of 2024, compared to RMB35.8 million in the corresponding period of 2023. The increase in income tax expense was primarily attributable to a withholding tax related to the declared cash dividend plan for 2024 and beyond, and the tax filing adjustments of the previous year.

Net Income Attributable to Autohome

Net income attributable to Autohome was RMB524.8 million (US$72.2 million) in the second quarter of 2024, compared to RMB504.7 million in the corresponding period of 2023.

Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB509.7 million (US$70.1 million) in the second quarter of 2024, compared to RMB491.2 million in the corresponding period of 2023. Basic and diluted earnings per share (“EPS”) were RMB1.05 (US$0.14) and RMB1.05 (US$0.14), respectively, in the second quarter of 2024, compared to basic and diluted EPS of RMB1.00 and RMB1.00, respectively, in the corresponding period of 2023. Basic and diluted earnings per ADS were RMB4.20 (US$0.58) and RMB4.19 (US$0.58), respectively, in the second quarter of 2024, compared to basic and diluted earnings per ADS of RMB3.99 and RMB3.98, respectively, in the corresponding period of 2023.

Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB572.4 million (US$78.8 million) in the second quarter of 2024, compared to RMB569.5 million in the corresponding period of 2023. Non-GAAP basic and diluted EPS were RMB1.18 (US$0.16) and RMB1.18 (US$0.16), respectively, in the second quarter of 2024, compared to non-GAAP basic and diluted EPS of RMB1.16 and RMB1.15, respectively, in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS were RMB4.72 (US$0.65) and RMB4.71 (US$0.65), respectively, in the second quarter of 2024, compared to non-GAAP basic and diluted earnings per ADS of RMB4.62 and RMB4.61, respectively, in the corresponding period of 2023.

Balance Sheet and Cash Flow

As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of RMB23.47 billion (US$3.23 billion). Net cash provided by operating activities in the second quarter of 2024 was RMB452.0 million (US$62.2 million).

Employees 

The Company had 5,078 employees as of June 30, 2024, including 1,755 employees from TTP Car, Inc.

Conference Call Information

The Company will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on Wednesday, July 31, 2024 (8:00 p.m. Beijing Time on the same day).

Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Registration Link: https://register.vevent.com/register/BIfd7c475745884d119c4c12c24ed8f0f5

Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.

About Autohome

Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.

Safe Harbor Statement 

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures 

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, and loss/(gain) pickup of equity method investments, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of non-GAAP and GAAP Results” set forth at the end of this press release.

For investor and media inquiries, please contact:

Autohome Inc.
Investor Relations
Sterling Song
Investor Relations Director  
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn 

Christensen China Limited 
Suri Cheng
Tel: +86-185-0060-8364
E-mail:  suri.cheng@christensencomms.com

 

 

 

AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amount in thousands, except per share / per ADS data) 

 For three months ended June 30, 

For six months ended June 30, 

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

Net revenues: 

Media services

532,005

432,858

59,563

893,473

760,289

104,619

Leads generation services 

759,635

820,271

112,873

1,440,269

1,546,694

212,832

Online marketplace and others

541,394

619,425

85,236

1,032,921

1,174,636

161,635

Total net revenues 

1,833,034

1,872,554

257,672

3,366,663

3,481,619

479,086

Cost of revenues

(330,227)

(346,102)

(47,625)

(670,441)

(646,994)

(89,029)

Gross profit 

1,502,807

1,526,452

210,047

2,696,222

2,834,625

390,057

Operating expenses: 

Sales and marketing expenses 

(824,081)

(752,543)

(103,553)

(1,347,197)

(1,393,819)

(191,796)

General and administrative
   expenses 

(90,979)

 

(117,564)

 

(16,177)

(240,135)

 

(267,109)

 

(36,755)

Product development expenses 

(313,010)

(315,230)

(43,377)

(637,376)

(651,297)

(89,621)

Total operating expenses

(1,228,070)

(1,185,337)

(163,107)

(2,224,708)

(2,312,225)

(318,172)

Other operating income, net

66,772

71,279

9,808

133,160

166,072

22,852

Operating profit

341,509

412,394

56,748

604,674

688,472

94,737

Interest and investment income,
net

202,813

 

189,053

26,015

427,828

 

409,027

 

56,284

(Loss)/income from equity method
   investments

 

(1,690)

 

4,640

638

(33,125)

 

(44,493)

 

(6,122)

Income before income taxes 

542,632

606,087

83,401

999,377

1,053,006

144,899

Income tax expense

(35,796)

(102,165)

(14,058)

(90,477)

(170,566)

(23,471)

Net income 

506,836

503,922

69,343

908,900

882,440

121,428

Net (income)/loss attributable to
   noncontrolling interests

(2,102)

20,839

2,868

1,336

 

36,820

 

5,067

Net income attributable to
   Autohome

 

504,734

524,761

72,211

910,236

 

919,260

 

126,495

Accretion of mezzanine equity

(38,686)

(42,687)

(5,874)

(75,185)

(84,358)

(11,608)

Accretion attributable to
   noncontrolling interests

 

25,164

 

27,599

3,798

48,913

 

54,547

 

7,506

Net income attributable to
   ordinary shareholders

 

491,212

 

509,673

70,135

883,964

 

889,449

 

122,393

Earnings per share attributable to
   ordinary shareholders 

Basic 

1.00

1.05

0.14

1.79

1.84

0.25

Diluted 

1.00

1.05

0.14

1.79

1.83

0.25

Earnings per ADS attributable
   to ordinary shareholders (one
   ADS equals for four ordinary
   shares)

Basic 

3.99

4.20

0.58

7.17

7.34

1.01

Diluted 

3.98

4.19

0.58

7.15

7.32

1.01

Weighted average shares used to compute
   earnings per share attributable to ordinary
   shareholders:

 Basic 

492,534,428

484,860,625

484,860,625

492,927,049

484,569,763

484,569,763

 Diluted

493,624,704

486,591,693

486,591,693

494,261,429

486,029,303

486,029,303

 

 

 

AUTOHOME INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except per share / per ADS data)

For three months ended June 30,

For six months ended June 30,

2023

2024

2023

2024

RMB  

RMB  

US$

RMB  

RMB

US$

Net income attributable to
   Autohome

504,734

524,761

72,211

910,236

 

919,260

 

126,495

Plus: income tax expense

37,136

103,505

14,243

93,157

173,247

23,840

Plus: depreciation of property and
   equipment

42,259

31,750

4,369

90,197

 

65,284

 

8,983

Plus: amortization of intangible
   assets

10,798

9,650

1,328

21,638

 

19,300

 

2,656

EBITDA

594,927

669,666

92,151

1,115,228

1,177,091

161,974

Plus: share-based compensation
   expenses

41,628

41,188

5,668

87,813

 

89,495

 

12,315

Adjusted EBITDA

636,555

710,854

97,819

1,203,041

1,266,586

174,289

Net income attributable to
   Autohome

504,734

524,761

72,211

910,236

 

919,260

 

126,495

Plus: amortization of intangible assets
   resulting from business acquisition

10,722

9,583

1,319

21,444

 

19,166

 

2,637

Plus: share-based compensation
   expenses

41,628

41,188

5,668

87,813

 

89,495

 

12,315

Plus: investment loss arising from one of
   financial products[3]

14,532

2,906

400

8,719

 

2,906

 

400

Plus: loss/(gain) on equity method
   investments, net

1,690

(4,640)

(638)

33,125

 

44,493

 

6,122

Plus: tax effects of the adjustments

(3,840)

(1,360)

(187)

(8,360)

(8,954)

(1,232)

Adjusted net income attributable
   to Autohome

569,466

572,438

78,773

 

1,052,977

 

1,066,366

 

146,737

Net income attributable to
   Autohome

504,734

524,761

72,211

910,236

 

919,260

 

126,495

Net margin

27.5 %

28.0 %

28.0 %

27.0 %

26.4 %

26.4 %

Adjusted net income attributable
   to Autohome

569,466

572,438

78,773

1,052,977

1,066,366

146,737

Adjusted net margin

31.1 %

30.6 %

30.6 %

31.3 %

30.6 %

30.6 %

Non-GAAP earnings per share

Basic

1.16

1.18

0.16

2.14

2.20

0.30

Diluted

1.15

1.18

0.16

2.13

2.19

0.30

Non-GAAP earnings per ADS
(one ADS equals for four ordinary
shares)

Basic

4.62

4.72

0.65

8.54

8.80

1.21

Diluted

4.61

4.71

0.65

8.52

8.78

1.21

Weighted average shares used to
   compute non-GAAP earnings
   per share:

Basic

492,534,428

484,860,625

484,860,625

492,927,049

484,569,763

484,569,763

Diluted

493,624,704

486,591,693

486,591,693

494,261,429

486,029,303

486,029,303

 

 

 

AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(Amount in thousands, except as noted) 

As of
December 31,

As of June 30,

2023

2024

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

4,996,353

3,881,952

534,174

Restricted cash

126,794

107,964

14,856

Short-term investments

18,552,354

19,593,011

2,696,088

Accounts receivable, net

1,472,489

1,350,567

185,844

Amounts due from related parties, current

16,439

30,233

4,160

Prepaid expenses and other current assets

360,559

423,411

58,263

Total current assets

25,524,988

25,387,138

3,493,385

Non-current assets

Restricted cash, non-current

5,000

5,000

688

Property and equipment, net

200,860

194,067

26,705

Goodwill and intangible assets, net

4,143,968

4,106,799

565,114

Long-term investments

448,341

403,848

55,571

Deferred tax assets

295,598

295,598

40,676

Amounts due from related parties, non-current

16,048

13,839

1,904

Other non-current assets

200,928

157,102

21,619

Total non-current assets

5,310,743

5,176,253

712,277

Total assets

30,835,731

30,563,391

4,205,662

LIABILITIES AND EQUITY

Current liabilities

Accrued expenses and other payables

2,932,227

2,227,929

306,573

Advance from customers

105,379

102,623

14,121

Deferred revenue

801,581

1,156,160

159,093

Income tax payable

227,260

338,306

46,552

Amounts due to related parties

24,572

31,878

4,387

Dividends payable

984,332

493,881

67,960

Total current liabilities

5,075,351

4,350,777

598,686

Non-current liabilities

Other liabilities

89,187

58,622

8,067

Deferred tax liabilities

497,955

472,481

65,016

Total non-current liabilities

587,142

531,103

73,083

Total liabilities

5,662,493

4,881,880

671,769

MEZZANINE EQUITY

Convertible redeemable noncontrolling interests    

1,758,933

1,843,291

253,645

EQUITY

Total Autohome shareholders’ equity

23,928,187

24,443,437

3,363,529

Noncontrolling interests

(513,882)

(605,217)

(83,281)

Total equity

23,414,305

23,838,220

3,280,248

Total liabilities, mezzanine equity and equity

30,835,731

30,563,391

4,205,662

 

UNAUDITED RECONCILIATION BETWEEN U.S. GAAP AND IFRS

The unaudited condensed consolidated statements of income for the six month ended June 30, 2024 and the unaudited condensed consolidated balance sheets as of June 30, 2024 (collectively, the “Unaudited Interim Financial Statements”) of Autohome Inc., its subsidiaries,the variable interest entities, and the subsidiaries of the variable interest entities (collectively, the “Company”) are prepared in accordance with the accounting principles generally accepted in the United States of America (the “U.S. GAAP”), and the differences between U.S. GAAP and the International Financial Reporting Standards (the “IFRS”) issued by the International Accounting Standards Board (together, the “Reconciliation Statement”) have been disclosed in the Appendix — Unaudited Reconciliation Between U.S. GAAP and IFRS attached herein.

PricewaterhouseCoopers, the auditor of the Company in Hong Kong, has performed a limited assurance engagement on the Reconciliation Statement in accordance with International Standards on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” issued by the International Auditing and Assurance Standards Board.

Appendix

The Unaudited Interim Financial Statements of the Company are prepared in accordance with U.S. GAAP, which differ in certain respects from IFRS. The effects of material differences between the Unaudited Interim Financial Statements prepared under U.S. GAAP and IFRS are as follows:

Reconciliation of unaudited condensed consolidated statements of income:

For six months ended June 30,

2023

2024

RMB

RMB

Reconciliation of net income in the consolidated statements of income    

 (in thousands)

Net income as reported under U.S. GAAP

908,900

882,440

IFRS adjustments:

Preferred shares (Note a) 

(64,555)

126,264

Leases (Note b)

(521)

(285)

Share-based compensations (Note c) 

(36,304)

(16,419)

Net income as reported under IFRS

807,520

992,000

 

Reconciliation of unaudited condensed consolidated balance sheets:

As of 
December 31,

As of
June 30,

2023

2024

RMB

RMB

Reconciliation of total equity in the consolidated balance sheets

 (in thousands)

Total equity as reported under U.S. GAAP

23,414,305

23,838,220

IFRS adjustments:

Preferred shares (Note a)

1,182,018

1,409,285

Leases (Note b)

(9,536)

(9,821)

Total equity as reported under IFRS                                                            

24,586,787

25,237,684

 

Notes:

Basis of Preparation

The Directors of the Company are responsible for preparation of the Reconciliation Statement in accordance with the relevant requirements of the Hong Kong Listing Rules. The Reconciliation Statement was prepared based on the Company’s unaudited interim condensed consolidated financial information for the six months ended June 30, 2024 prepared under U.S. GAAP, with adjustments made (if any) thereto in arriving at the unaudited financial information of the Company prepared under IFRS. The adjustments reflect the differences between the Company’s accounting policies under U.S. GAAP and IFRS. 

(a)  Preferred Shares

Under U.S. GAAP, the preferred shares of the Company are accounted for as mezzanine equity, which is subsequently accreted to the amount which equals to redemption value of each series of preferred shares.

Under IFRS, the preferred shares, which are redeemable at the option of the holder, represent a financial liability. And the financial liability is measured at fair value and changes in the fair value are reflected in the consolidated statements of comprehensive income. The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of the liability shall be presented in the consolidated balance sheets as accumulated other comprehensive income; the remaining amount of change in the fair value of the liability shall be presented in the consolidated statements of comprehensive income.

Accordingly, the reconciliation includes a fair value profit change of RMB64.56 million (negative) and RMB126.26 million recognized in the consolidated statements of comprehensive income for each of the six months ended June 30, 2023 and 2024, respectively. The reconciliation also includes the difference between mezzanine equity under U.S. GAAP and financial liabilities under IFRS of RMB1,182.02 million and RMB1,409.29 million as at December 31, 2023 and June 30, 2024, respectively.

(b)  Leases

For operating leases under U.S. GAAP, the subsequent measurement of the lease liability is based on the present value of the remaining lease payments using the discount rate determined at lease commencement, while the right-of-use asset is remeasured at the amount of the lease liability, adjusted for the remaining balance of any lease incentives received, cumulative prepaid or accrued rents, unamortized initial direct costs and any impairment. This treatment under U.S. GAAP results in straight line expense being incurred over the lease term, as opposed to IFRS which generally yields a “front-loaded” expense with more expense recognized in earlier years of the lease.

Accordingly, the reconciliation includes an expenses difference recognized in the consolidated statements of comprehensive income of RMB0.52 million and RMB0.29 million for each of the six months ended June 30, 2023 and 2024, respectively. The reconciliation also includes a difference in total equity of RMB9.54 million and RMB9.82 million as at December 31, 2023 and June 30, 2024, respectively.

(c)  Share-based Compensation

Under U.S. GAAP, the Company has elected to recognize compensation expense using the straight-line method for all share-based awards granted with service conditions that have a graded vesting schedule. For awards with performance condition and multiple service dates, if the performance conditions are all set at inception and independent for each year, each tranche is accounted for as a separate award with its own requisite service period. Compensation cost is recognized over the respective requisite service period separately for each separately-vesting tranche as though each tranche of the award is, in substance, a separate award.

Under IFRS, the accelerated method is required to recognize compensation expense for all employee equity awards granted with graded vesting.

Accordingly, the reconciliation includes an expense recognition difference in the consolidated statements of comprehensive income of RMB36.30 million and RMB16.42 million for each of the six months ended June 30, 2023 and 2024, respectively.

 

[1] The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain amounts throughout the release are presented in US dollars (“US$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB7.2672 on June 28, 2024 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

[2] For more information on this and other non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this release.

[3] It represented the loss of an investment with fair value below its initial investment, which was recognized at “interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.

 

View original content:https://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-second-quarter-and-interim-2024-financial-results-302210891.html

SOURCE Autohome Inc.

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Federated Hermes enters strategic alliance with Conduit Digital Holdings on tokenized money market fund in Asia Pacific

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Builds on over 50-years of money markets innovationFurther evidence of commitment to evolving Digital Assets Product and StrategyContinues growth of APAC product offering following recent announcement of Hong Kong expansion plans

PITTSBURGH, Sept. 1, 2026 /PRNewswire/ — Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today announced a strategic alliance with Singapore-based Conduit Digital Holdings Pte Ltd, part of the Conduit Group, to support the launch of a regulated tokenized distribution structure in APAC. Under this arrangement, the Conduit-managed investment fund will invest in the Federated Hermes Short-Term U.S. Prime Fund. Shares of the Conduit fund, which provide exposure to the underlying Federated Hermes fund, will then be tokenized and offered to institutional and wholesale investors, in APAC.

For over 50 years, Federated Hermes has been a leader in money market innovation with US$676.9 billion1 in money market assets under management. The Federated Hermes Short-Term U.S. Prime Fund is an actively managed, UCITS-authorized money market fund that aims to provide current income while maintaining daily liquidity and a stable principal value. It invests primarily in high-quality, U.S. dollar-denominated short-term debt instruments like commercial paper and certificates of deposit.

Federated Hermes’ strategic alliance with Conduit builds on a series of recent money market initiatives including: an alliance with UK-based Archax, an FCA-regulated digital securities exchange, to provide tokenized access to three UCITS money market funds; participation in an industry-wide, regulated initiative using mirrored tokenization to enhance transferability, collateral utility and real-time tracking of fund shares; and the launch of Federated Hermes’ first GENIUS Act-aligned money market fund in the US, designed to support stablecoin reserve use cases, with potential for future tokenization/tokenized share classes.

Federated Hermes’ approach to regulated digital assets, tokenization and next-generation investment infrastructure is led by Kevin Barr, who was appointed as Director, Digital Assets Product and Platform Strategy in May 2026.

This announcement represents Federated Hermes’ first digital assets initiative in APAC, demonstrating a continued commitment to the growing digital asset ecosystem in the market by enhancing visibility and supporting customer needs through its role as the underlying asset manager to this tokenized offering. Earlier this year, Federated Hermes announced plans to expand its Asia-Pacific footprint – which includes existing offices in Singapore, Tokyo and Sydney – with the opening of a Hong Kong office as part of a long-term growth strategy to deepen relationships with private banks, family offices, wealth intermediaries and institutional investors across the region.

1As of 30 June 2026

Kevin Barr, Director, Digital Assets Product and Platform Strategy at Federated Hermes comments: “We are excited to support innovative cash management solutions that better serve client needs, building on our legacy of innovation in the money market fund space. Vaults represent a compelling evolution in investment management, and we see a significant opportunity to bring our legacy of trust and fiduciary responsibility to this emerging space. We continue to explore on-chain distribution opportunities to enhance flexibility and accessibility, while preserving access to the stability and yield characteristics typically associated with money market funds. Today’s announcement reflects our continued commitment to building a larger digital asset presence, leveraging one of our core strengths in liquidity management.

Jim Roland, Head of Business Development, Asia Pacific and Australia at Federated Hermes further added: “Tokenized products represent a new and evolving way to engage with our clients, combining our investment expertise with Conduit’s MAS-regulated end-to-end tokenization capabilities and regional distribution network. Our customers in the APAC market are leading worldwide adoption of tokenization, making this strategically important region a highly receptive market the natural choice for the launch our latest digital assets initiative.”

Richard Schroder, Co-Founder and CEO of Conduit Digital Holdings commented: “We are delighted to work with Federated Hermes to have their U.S. Prime Fund as the anchor product of the CDH tokenized multicurrency money market offering. We are committed to unlocking the full utility of these tokens – moving beyond simple settlement to enable use as collateral, multicurrency management, and integration into AI agentic treasury management systems. This is where the real efficiency gains for our customers lie, and we are building the infrastructure to make that a reality.” 

Chris O’Meara, CEO of Conduit Asset Management and Chairman of the Conduit Group, added: “This collaboration with Federated Hermes marks a defining moment for the Conduit Group. Conduit Digital Holdings sits at the heart of our vision for the future of asset management in Asia-Pacific – bringing institutional-grade products onchain through regulated, MAS-licensed infrastructure. As investment manager to the fund, Conduit Asset Management is proud to combine our fiduciary oversight with the strength of an active manager with over 50 years of money market leadership. The Group is fully committed to Conduit Digital Holding’s growth, and this launch is only the first step in building the institutional access layer for tokenized real-world assets across the region.”

For further information, please contact:

Federated Hermes
press@federatedhermes.com 

Conduit
cdh@conduit.group

This is a corporate communication and is not to be construed as a solicitation or an offer to buy or sell any securities in the US. Shares of the fund have not been and will not be registered under the US Securities Act of 1933, as amended (the “1933 Act”) or the securities laws of any of the states of the US. The Shares may not be offered or sold directly or indirectly in the US or to or for the account or benefit of any US Person.

About Federated Hermes

Federated Hermes, Inc. (NYSE: FHI) is a global leader in active investment management, with $911.6 billion in assets under management, as of June 30, 2026. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 11,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com.

About Conduit Digital Holdings

Conduit Digital Holdings (CDH) is a specialized digital assets firm dedicated to the tokenization of Real-World Assets. By leveraging distributed ledger technology (DLT), we work with investment managers to provide investors with fractional access to high-value assets with enhanced liquidity, automated compliance, and real-time settlement. CDH was created by Conduit Group in Singapore, a leading independent investment and financial services firm.
Website: https://www.conduit.group/

View original content:https://www.prnewswire.com/news-releases/federated-hermes-enters-strategic-alliance-with-conduit-digital-holdings-on-tokenized-money-market-fund-in-asia-pacific-302866801.html

SOURCE Federated Hermes, Inc.

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In HelloNation, Endodontic Expert Dr. Allen Meier of Bloomington, IN, Discusses the Lifespan of a Root Canal

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BLOOMINGTON, Ind., Sept. 1, 2026 /PRNewswire/ — How long should a root canal last once it’s completed?

That question is answered in a HelloNation article featuring Dr. Allen Meier of the Endodontic Center of Southern Indiana. The feature explains how modern endodontic techniques, precise restorations, and good daily care work together to make root canal treatment one of the most durable solutions in modern dentistry.

Dr. Meier notes that a properly performed root canal can last for decades, and in many cases, for the rest of a patient’s life. The goal of every root canal is to remove infection inside the tooth, seal the canals completely, and restore the tooth so that bacteria cannot return. When infection is eliminated and the tooth structure is protected with a crown or filling, the long-term outlook is excellent.

As described in the HelloNation article, several factors influence the lifespan of a root canal. The condition of the tooth at the time of treatment is one of the most important. Teeth with minimal decay or cracking tend to last longer after treatment, while severely damaged teeth may require more extensive restoration. Even in complex cases, Dr. Meier explains that modern endodontic techniques often make it possible to preserve the natural tooth for many years.

Restoration plays a major role in determining how long a root canal lasts. Back teeth, which handle heavy chewing forces, almost always require a crown. A crown reinforces the remaining tooth structure, prevents fractures, and keeps the tooth stable during everyday use. Front teeth, which receive less biting pressure, may need only a filling if their structure remains strong. Dr. Meier emphasizes that a high-quality, well-fitted restoration is one of the most critical elements for long-term success.

Oral hygiene also influences the lifespan of a root canal. Even though the treated tooth no longer contains living pulp tissue, the surrounding gums and bone must stay healthy to support it. Daily brushing, flossing, and regular dental visits prevent decay around the edges of crowns or fillings. Without good hygiene, bacteria can enter through small gaps and cause reinfection, which can compromise the tooth. Maintaining proper care helps ensure that a root canal remains effective for years to come.

Bite alignment is another factor that affects longevity. When a treated tooth absorbs too much pressure due to grinding, clenching, or an uneven bite, it may develop microcracks or wear down prematurely. Using a nightguard can protect the teeth from grinding damage, while simple bite adjustments distribute chewing forces more evenly. Dr. Meier explains that these steps help preserve both the crown and the underlying tooth structure, further extending the lifespan of the root canal.

The durability of modern root canal treatment also depends on the quality of endodontic techniques. Today’s specialists may use lasers, specialized instruments, and potent disinfecting solutions to clean and shape the canals thoroughly. These innovations make it easier to eliminate bacteria and create a strong, lasting seal. As a result, success rates for root canal treatment are now higher than ever, with studies showing survival rates of over ninety percent when procedures and restorations are done correctly.

In some cases, however, complications may develop years after the original procedure. New decay, cracks, or minor leaks in the restoration can lead to reinfection. When this happens, retreatment may be possible. Retreatment involves reopening the tooth, removing the previous filling material, and cleaning the canals again before resealing them. Many patients experience full recovery after retreatment, allowing the tooth to remain functional for years afterward. If retreatment is not an option, minor surgical procedures like root end surgery can sometimes resolve lingering infection.

If a tooth cannot be saved despite retreatment or root-end surgery, replacement with a dental implant or bridge becomes the next step. Fortunately, this is uncommon when patients follow through with good oral hygiene and maintain their restorations. Dr. Meier emphasizes that most teeth that receive root canal therapy continue to function comfortably without further problems for decades.

When patients ask how long a root canal should last, the most accurate answer depends on a few key factors: the condition of the tooth, the quality of the restoration, and the level of daily care. With strong sealing, a durable crown, and regular dental maintenance, a root canal can easily last a lifetime. Regular checkups allow dentists to monitor the restoration and catch any early signs of wear, helping patients protect their investment and their natural tooth.

Root canal treatment remains one of the most reliable and long-lasting options in modern dentistry. Advances in endodontic techniques and restorative materials continue to improve outcomes, giving patients greater confidence in the durability of their care. As Dr. Meier explains, when a root canal is done correctly and supported by proper restoration, the treated tooth can remain healthy, functional, and pain-free for decades.

The article, How Long Should a Root Canal Last?, features insights from Dr. Allen Meier, Endodontic Expert of Bloomington, IN, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-endodontic-expert-dr-allen-meier-of-bloomington-in-discusses-the-lifespan-of-a-root-canal-302866804.html

SOURCE HelloNation

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LG ELECTRONICS CANADA ANNOUNCES PRICING AND AVAILABILITY FOR ITS LATEST ULTRAGEAR MONITORS, GALLERY TV AND STANBYME 2 MAX

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New lineup introduces the world’s first native 1000Hz Full HD gaming monitor and 45-inch AI upscaling 5K2K OLED display, alongside a museum-inspired smart TV and a portable 4K personal screen, bringing next-generation display technology to every corner of the home.

News Summary

LG announces Canadian pricing and availability for its newest display lineup, built for competitive gaming, art-forward living and versatile everyday use.Lineup includes the world’s first Full HD 1080p gaming monitor with a native 1000Hz refresh rate, and an AI Upscaling 45-inch 5K2K OLED gaming monitor.Also part of the lineup is the new museum-inspired LG Gallery TV and the newest LG StanbyME 2 MAX, both seen at CES 2026.Products available on LG.ca, with pricing starting at $1,299.99 CAD for the LG UltraGear monitors, $1,399.99 CAD for the LG Gallery TV and $1,999.99 CAD for the LG StanbyME 2 Max.

TORONTO, Sept. 1, 2026 /CNW/ — LG Electronics Canada is announcing the Canadian pricing and availability for its latest consumer display lineup including the LG UltraGear G5 (25G590B), the world’s first Full HD 1080p native 1000Hz FHD gaming monitor1; the LG UltraGear evo GX9 (45GX950B), a 45-inch AI Upscaling OLED 5K2K gaming monitor; the LG Gallery TV (models: 55LX7BPUA, 65LX7BPUA); and the LG StanbyME 2 Max (model: 32LX6BWGA), a 32-inch 4K portable smart touchscreen display and LG’s biggest StanbyME to date.

Covering competitive gaming, art-forward living, and versatile everyday use, this lineup reflects LG’s continued commitment to bringing next-generation display technology to Canadians across every screen in the home.

LG UltraGear G5 (25G590B) – World’s First Full HD 1080p NATIVE 1000HZ FHD Gaming Monitor

LG’s newest UltraGear, the LG UltraGear G5 breaks new ground as the world’s first Full HD 1080p native 1000Hz FHD gaming monitor — purpose-built to deliver the speed, clarity, and precision that competitive players demand.

Purpose-Built for the Demands of Competitive Gaming
Built around the 25-inch format widely used in professional esports, the LG UltraGear 25G590B keeps key visual elements within the player’s natural field of view, supporting quicker situational awareness without the need for excessive eye movement. A minimalist stand with a compact base footprint maximizes mouse range of motion, while calibration indicators for height, swivel, and tilt make it straightforward to replicate a preferred setup precisely across practice and competition. Customizable UltraGear Emblem lighting rounds out the competitive aesthetic. On-device AI Scene Optimization intelligently adjusts picture settings by game genre, while AI Sound delivers an authentic spatial audio experience and clear in-game communication with compatible headsets.

Clarity and Control at Maximum Speed
Where Dual-Mode monitors require players to adjust settings to reach peak refresh rates, the 25G590B runs natively at 1000Hz in FHD — maintaining performance, clarity, and consistency without compromise. Motion Blur Reduction Pro2 sharpens fast-moving objects and makes them easier to track, helping players follow rapid lateral movement with less effort and identify targets more clearly during intense gameplay. Enhanced with ATW (Advanced True Wide) Polarizer technology, the IPS display helps reduce screen reflections while maintaining vibrant colour and contrast so gamers can enjoy clear, consistent visuals from virtually any angle, helping them stay focused on the game.

The LG UltraGear G5 (25G590B) is available at LG.ca. MSRP of $1,299.99 CAD.

LG UltraGear evo GX9 (45GX950B) – AI Upscaling 45-Inch 5K2K OLED Gaming Monitor

The LG UltraGear evo 45-inch GX9 (45GX950B) is an AI Upscaling 45-inch 5K2K OLED gaming monitor, combining cutting-edge OLED performance with AI upscaling for immersive ultrawide gameplay. Its 21:9 format with 800R curvature, 5K2K (5,120 x 2,160) resolution, and 125 PPI pixel density delivers a wide, panoramic view with the fine detail and depth that draws players deeper into every environment — while near-instant 0.03ms response time keeps fast-paced gameplay precise and responsive.

The LG UltraGear evo GX9 (45GX950B) brings the GX9 series to its most expansive scale yet. VESA DisplayHDR™ True Black 400 certification, DCI-P3 98.5% (Typ.) colour coverage, and a 1,500,000:1 contrast ratio bring depth and colour accuracy to every scene.

Adaptive Performance for Every Game and Play Style
On-device 5K2K AI Upscaling intelligently enhances content without a GPU upgrade, while AI Scene Optimization automatically adjusts display settings across games, movies, and more. AI Sound enhances voices and key audio cues. The AI Sound setting analyzes on-screen action and separates voices, sound effects, and background audio. AI Sound helps keep team comms clear while highlighting important gameplay cues–like approaching footsteps or nearby action–through speakers or connected headphones.

Dual Mode enables 165Hz at 5K2K for AAA gaming or 330Hz3 at WFHD for competitive play, both with a 0.03ms response time. AMD FreeSync™ Premium Pro and NVIDIA G-SYNC®4 Compatible support deliver smooth, responsive gameplay in either mode. Connectivity includes DisplayPort 2.1,5 USB-C with 90W Power Delivery, and dual HDMI 2.1 inputs and a 2-year OLED panel warranty.

The LG UltraGear evo 45-inch GX9 is available now at LG.ca. MSRP starting at $2,499.99 CAD.

LG Gallery TV(55LX7BPUA, 65LX7BPUA) – Where Premium Design Means Display Excellence

Unveiled at CES 2026, the LG Gallery TV transforms the television into a design object, presenting art with visual integrity through a gallery-inspired aesthetic purpose-built for art-forward interiors. Available in 55-inch and 65-inch screen sizes, it brings together premium 4K display performance, a flush-mount design, and art curation features developed in collaboration with museum professionals.

4K Picture and Sound for Art and Entertainment
Powered by LG’s MiniLED technology, the Gallery TV delivers stunning 4K visuals with Dynamic QNED Colour for rich, vibrant colour reproduction — ensuring every piece of content is rendered with accuracy and depth. AI Sound Pro uses intelligent scene analysis to automatically fine tune dialogue, cinema audio and music to create a deeper sound immersion.

A Gallery-Inspired Design, Developed with Museum Curators
Gallery Mode optimizes colour accuracy and brightness to reproduce the visual texture of original masterpieces — the result of direct collaboration with museum curators. A specialized screen minimizes reflections and automatically adjusts to shifting ambient light, ensuring displayed art looks its best at any time of day. The slim, flush-mount design integrates naturally into any interior, with customizable Attachable Gallery Frames — Snow White included, Warm Walnut sold separately — completing the gallery-at-home aesthetic.

LG Gallery+: A Personalized Home Gallery
LG Gallery+ serves as a comprehensive interior platform that transforms screens into a living, curated gallery when not in use as a television. Beyond the preset library, users can customize their environment by displaying memories from their own photo libraries. With built-in tracks and Bluetooth connectivity, LG Gallery+ also elevates the ambiance of a space by incorporating background music.

The LG Gallery TV is available on LG.ca in 55-inch and 65-inch models with an MSRP starting at $1,399.99 CAD.

LG StanbyME 2 Max (32LX6BWGA) – An Immersive Personal Screen with a Larger 32-Inch 4K Display

The LG StanbyME 2 Max, introduced at CES 2026, brings a bigger, more immersive6 personal screen to everyday living — combining portability, 4K resolution, and versatile design for use across any room or setting.

AI-Powered Picture and Sound
The Alpha 8 (α8) AI Processor Gen3 manages picture and sound simultaneously, detecting content type and automatically adjusting settings to match, while AI Brightness Control reacts to the ambient light in your space and automatically configures and adjusts your screen. Dolby Vision and Dolby Atmos7 deliver cinematic picture and spatial audio through the display’s side-firing speakers, with AI Sound Pro adding AI-enhanced clarity on top.

Designed Around Your Day, Not Your Room
The detachable screen mounts to a wheeled docking stand for effortless room-to-room movement and rotates freely between landscape and portrait orientations — adapting to movies, video calls, vertical browsing, and mobile-style apps with equal ease. A built-in battery provides over four hours of wireless playback8, rechargeable via the docking stand or dual USB-C ports. The StanbyME 2 Max functions as a full 32-inch touchscreen with access to LG Gallery+ — making its debut on the StanbyME lineup for the first time — LG Channels, Mood Maker and interactive board games, with Google Cast, Apple AirPlay, and Apple Home support for seamless screen mirroring.

The LG StanbyME 2 Max is available on LG.ca. MSRP starting at $1,999.99 CAD.

Availability

More information and where to purchase the LG UltraGear G5 (25G590B), 45-inch LG UltraGear evo GX9, the LG Gallery TV and LG StanbyME 2 Max is available on LG.ca.

About LG Electronics Canada Inc.
LG Electronics Canada, Inc. is the Canadian subsidiary of LG Electronics Inc., a global sales innovator in technology and manufacturing headquartered in Seoul, South Korea. LG Electronics Canada, with its head office in Toronto, Ontario, is comprised of three business units – Home Appliance Solution, Media Entertainment Solution, and Eco Solution. LG Electronics Canada is focused on delivering award-winning products known for blending style and technology. These innovative products include TVs, audio solutions and portable devices, home appliances, residential and commercial air solutions, computer monitors and laptops, and industry-leading OLED and LED digital display solutions. For more information, visit lg.ca.

_________________________

1 Based on published specifications of the gaming monitor segment as of May 2026.

2 AMD FreeSync Premium and NVIDIA G-SYNC compatibility are disabled when MBR Pro is enabled.

3 Requires graphics card that up to 330Hz refresh rate support (QHD). Actual refresh rates may vary depending on computer graphics specifications and configurations. Graphics card available separately.

4 NVIDIA® G-SYNC® Compatible supports variable refresh rate on GeForce GTX 10 Series and higher GPUs on Display Port, and GeForce RTX 30 Series and higher GPUs on HDMI 2.1.

5 Requires graphics card that supports DisplayPort 2.1 to achieve up to 330Hz refresh rate support. Actual refresh rates may vary depending on computer graphics specifications and configurations.

6 Compared to the 27inch StanbyME 2. 

7 Dolby, Dolby Vision, Dolby Atmos, and the double-D symbol are registered trademarks of Dolby Laboratories Licensing Corporation. Manufactured under license from Dolby Laboratories. Confidential unpublished works. Copyright © 2012–2026 Dolby Laboratories. All rights reserved. 

8 Battery life may vary depending on usage conditions, work connectivity and settings.

SOURCE LG Electronics Canada

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